Wall Street cautious last week
Analysts noted caution' over the interest-rate outlook on Wall Street last week, after the Federal Reserve's report of a sharp rise in the money supply. The concern was that the rise in the money supply would prompt the federal reserve to tighten its credit policy, which would raise interest rates, making equities less attractive. The United States Government’s report of a 4.4 per cent rise in the gross national product in the three months to June 30, down sharply from the first quarter pace, was in line with forecasts by economists, but some brokers said it nevertheless was no help to a market that was already on the defensive. Buying interest began to pick up on Thursday after the Dow Jones industrial average showed signs of steadying, halting a string of six declines since a week ago last Monday, but the market turned down again on Friday. The closing prices on Friday of some selected stocks were:—
Alcan. 28; Allied Stores 498; Alcoa. 553, Amax, 574; America Hess, 23; Am. Mtrs. 43; Armco. 334; Asarco. 174; Anaconda, 27g; At Richfield. 100: Bethlehem, 42J; Boeing, 39; Boise Cas., 264; Burroughs. 100; Cleveland, 71J; Colt, 52g; Coni. Oil, 374; Cyprus, 244; CBS.. 591; Crane. 311; Dome Mines. 38J; Dow Chem . 43J; Engelhard, 33J; Firestone, 23; Ford, 568; Freeport Mins, 25g; Gen. Dyn.. 57J; G.M., 678; Gen. Tyre. 234; Getty, 172; Goodyear, 221; Greyhound, 153; Grumman, 17g; Gulf Oil, 264; Gulf Res., 164; Heinz. 50; Homestake, 325; Hudson Bay, 193; 1.8. M., 273; 1.H.. 303; Inco, 343; J. Manville, 30J; Kaiser, 38S; Kennecott, 33g; Kerr McGee, 754; Kresge, 37g; Lockheed. 103; Louisiana Land, 284; Lukens. 27}; Lykes. 203; Martin Marietta, 24.',; Merrill L.. 254; Mobil. 594; National Cash Reg.. 333; Newmont, 27g; Phelps Dodge. 431; Phillips Pet., 611; Pittson, 44; Proter, 433; Pullman, 354; Republic Steel, 364; Reynolds, 374; Royal Dutch, 474; Seaboard. 294;”5t Joe. 464: Shell Oil, 67}; Shell Trans,. 303; St. Oil Cal.. 38; St. Oil Ind.. 528; Exxon. 1075; Texaco Corp . 27g; Texas Gulf, 35g; Union Oil Calif.. 53}; Union Carbide. 654; U.S. Steel, 53; Westinghouse, 164; Woolworth 234; Int. Mining, 11J; Johnson, J., 86g; St Oil Ohio. 69; Utah Con.. 594; Occidental, 19; T.W.A.. 14J.
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Press, 26 July 1976, Page 14
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371Wall Street cautious last week Press, 26 July 1976, Page 14
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